Wave Analysis 04.02.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
04.02.2016
Forecast for February 4th, 2016
EUR USD, “Euro vs US Dollar”
Probably, in case of Eurodollar, the correction is moving to the longer timeframe as the price is forming the horizontal triangle in the wave (B). It’s highly likely that in the future the pair will continue moving sideways.
More detailed structure is shown on the H4 chart. It looks like the pair has finished the horizontal triangle in the wave (b). Later, Eurodollar is expected to continue forming the bullish impulse in the wave [c] of (C).
GBP USD, “Great Britain Pound vs US Dollar”
At the daily chart, the pair continues forming the descending impulse in the wave (C). During the next several weeks, Pound may move downwards in the wave 3. After completing the current correction, the market may continue falling.
It looks like the wave [iv] is taking the form of the zigzag. In the nearest future, Pound may complete the bullish impulse in the wave (c). To start falling in the wave [v] of 3, the market needs to form an initial impulse inside it.
USD JPY, “US Dollar vs Japanese Yen”
The form of the correction on the daily chart is not clear yet. Probably, the wave (4) is taking the form of the double three with the wave Y inside it. After finishing it, the market may resume growing in the wave 1 of (5).
At the H4 chart, Yen is forming the descending zigzag in the wave Y of (4). After completing the zigzag in the wave [b], Yen has started falling in the wave [c] of Y. It’s highly likely that in the future the pair may reach a new low.
AUD USD, “Australian Dollar vs US Dollar”
At the daily chart, probably, Australian Dollar is forming the diagonal triangle in the wave 5 of (3). In the nearest future, the pair may finish the wave [ii] and start falling inside the third wave of the pattern.
As we can see at the H4 chart, the price is about to complete the double zigzag in the wave [ii]. Later, after finishing the wave (y), the market may resume falling in the wave [iii].
RoboForex Analytical Department
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.